Truist Upgrades Sunnova and Enphase Energy, JPMorgan Downgrades Coinbase
Truist has upgraded solar stocks Sunnova and Enphase Energy, citing the Federal Reserve’s rate cuts as a potential boost for these companies. Analyst Jordan Levy raised his price target for Sunnova to $18 from $10, indicating a 72% upside, and upgraded Enphase Energy to buy from hold with a price target of $145, representing a 35% gain. On the other hand, JPMorgan downgraded Coinbase to underweight from neutral with a price target of $80, implying a 37% downside. The firm believes that the approval of Bitcoin ETFs will disappoint market participants and pose challenges for Coinbase in 2024.
Jefferies Upgrades Teva Pharmaceuticals
Jefferies has upgraded Teva Pharmaceuticals to buy from hold and raised its price target to $14 per share from $10. The firm predicts margin expansion for Teva this year due to strong guidance, fundamental strength, product approvals, and pipeline updates in the second half of 2024. Teva’s core revenue growth drivers include therapies such as Austedo for involuntary movement, Ajovy for migraines, and Uzedy for schizophrenia. The stock has already risen by approximately 10% this year.
Cantor Fitzgerald Bullish on Nvidia
Cantor Fitzgerald has initiated coverage of several semiconductor stocks and named Nvidia as one of its top ideas for 2024. Analyst C.J. Muse expects Nvidia to outperform earnings expectations and raise consensus estimates throughout 2024 and 2025. Cantor Fitzgerald has set a price target of $775 for Nvidia, suggesting a nearly 30% upside from Monday’s close. Muse anticipates strong growth in semiconductor revenues in the coming years, particularly in the AI and memory markets.
Hot Take: Analyst Calls for Solar Stocks and Coinbase
In recent analyst calls, Truist upgraded Sunnova and Enphase Energy, while JPMorgan downgraded Coinbase. Truist believes that Sunnova and Enphase Energy will benefit from the Federal Reserve’s rate cuts. On the other hand, JPMorgan predicts a challenging year for Coinbase as the approval of Bitcoin ETFs disappoints market participants. These calls reflect the differing outlooks for solar stocks and the crypto industry. Investors should consider these analyst opinions when making investment decisions in these sectors.
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